By Dhirendra Tripathi
Investing.com – Coinbase Global stock (NASDAQ:COIN) was a little volatile in early trade, weaker by 0.5% as of 9:45 AM ET in Monday’s premarket as the company said it plans to raise $1.5 billion in debt.
The company said the proceeds will go into product development, acquisitions of other companies, products, or technologies that it may identify in the future.
The fund-raise will bolster its balance sheet with low-cost capital, the company said.
The notes will be due in 2028 and 2031 and fully and unconditionally guaranteed by Coinbase Inc, a wholly-owned subsidiary.
The crypto exchange plans to grow the number of assets listed on its platform, with Chief Executive Officer Brian Armstrong stating that he wants Coinbase to be the "Amazon (NASDAQ:AMZN) of assets" and list every legal crypto asset on its platform, according to a Reuters report earlier.
The company was in the news last week when the SEC threatened to sue it if it went ahead with its plans to enter the business of crypto lending.
Armstrong went public with his grouse against the regulator, tweeting, “If you don't want this activity, then simply publish your position, in writing, and enforce it evenly across the industry,” he tweeted while pointing out that plenty of other crypto companies continue to offer the lending feature”.